Buying a house? These US cities now among the world's most ‘impossibly unaffordable'

Housing Affordability Report Shows Major Cities’ Unaffordability #

In recent years, buying a home has become increasingly difficult in many countries, including the United States. A new annual report on housing affordability highlights some major cities as “impossibly unaffordable.” The report, which tracks house prices over 20 years, reveals that US cities on the West Coast and Hawaii dominate the list. California cities, such as San Jose, Los Angeles, San Francisco, and San Diego, are among the most expensive, along with Honolulu in Hawaii. Sydney and Melbourne in Australia also feature prominently. Hong Kong tops the global rankings as the least affordable city. The report attributes rising house prices to policies like urban containment and increased investor activity. It suggests looking to New Zealand’s land development policies as a potential solution to the affordability crisis. On the other hand, the report also identifies the most affordable cities, including Pittsburgh and St. Louis in the US, Calgary and Edmonton in Canada, and Glasgow in the UK.